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After pulling off one of the largest acquisitions in Indian corporate history in March this year, wind power major Suzlon Energy has ruled out further acquisitions.

“For the next three to four years we are looking at an organic growth for the company while we consolidate the Hansen acquisition,” Tulsi Tanti, chairman, told Business Standard.

Suzlon had acquired Belgian gearbox maker Hansen in March this year for $520 million (Rs 2,600 crore).

The wind power solutions company may, however, put up a turbine manufacturing plant in Portugal and double capacity at its China plant over two to three years.

Tanti said the Portugal plan was contingent on the company winning a Portuguese government tender for wind farms. “Other than this, we have no plans to put up a manufacturing plant anywhere except India as that gives us the maximum margins,” said Tanti.

He said that the Suzlon would also expand the capacity of its China plant to 1200 mw from the current 600 mw by FY 2008-09. “This will help us service the Chinese market, expected to grow to 30,000 mw by 2020, more efficiently,” said Tanti.

Analysts, however, pointed out that the company’s ability to borrow further may be in question given its current debt equity ratio which stands at 1.2: 1. Suzlon’s total debt is pegged at Rs 3,298 crore, of which Rs 2,600 crore was borrowed for the Hansen acquisition.

Mehul Mukati, research analyst at Emkay Securities, said, “Unless they look at an acquisition that does not involve a cash outflow such as a stock swap, there is no way Suzlon is going to raise finances for an acquisition in the next few years. They have enough cash flow to service their existing debt, but it will take them a few years to pay off the principal.”